HSBC GIC redeemable vs non redeemable
Question about HSBC GIC for anyone who has experience dealing with them.
Their GIC rate for short term 90 day says it's 1.25%. But the redeemable is 1.45%, as long as it keep the fund more than 90 days.
So, wouldn't I be ahead getting a redeemable and just redeem it after 90 days (or longer) and get more interest than just getting a short term non redeemable?
The short term non redeemable rate is less than 1.45% unless I go for a full year.
So am I correct in saying that it's better to get the redeemable option for 12 months at 1.45%? It seems that after 90 days I will get the equivalent of 1.45% on the amount when I'm ready to claim (7 months or if a rate comes better)
For anyone not aware, this is in regards to the $5000 I have to keep for 15 months for their promo. Right now I'm 7 months left.
Their GIC rate for short term 90 day says it's 1.25%. But the redeemable is 1.45%, as long as it keep the fund more than 90 days.
So, wouldn't I be ahead getting a redeemable and just redeem it after 90 days (or longer) and get more interest than just getting a short term non redeemable?
The short term non redeemable rate is less than 1.45% unless I go for a full year.
So am I correct in saying that it's better to get the redeemable option for 12 months at 1.45%? It seems that after 90 days I will get the equivalent of 1.45% on the amount when I'm ready to claim (7 months or if a rate comes better)
For anyone not aware, this is in regards to the $5000 I have to keep for 15 months for their promo. Right now I'm 7 months left.